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Regulation & Protection

The Insurance and Pensions Authority (IPA) is internationally respected for its proactive and non-bureaucratic approach to fulfilling its supervisory role.
  • Fit, Proper and Financially Sound
    Regulation is carried out by the IPA, a statutory board of the IoM Government formed under the Insurance Act of 1986. The Act seeks to ensure that those running insurance businesses are fit and proper and that the operating companies are financially sound.
  • Policyholder Protection
    The Island's statutory compensation scheme statutory compensation scheme ensures that the policyholder is protected in the unlikely event that a company is unable to met its liabilities. The compensation scheme offers investors up to 90% of the values of their policies. Investors in Isle of Man life assurance companies are protected world-wide.
  • Recognition by the UK
    In 1988 under the United Kingdom's Financial Services Act the Isle of Man has full "Designated Territory" status. This means that the Island is regarded by UK authorities as providing investor protection laws at least as effective as those of the UK. The Island was the first offshore jurisdiction to achieve such recognition.
  • And Compared to Other Jurisdictions?
    Amongst the major offshore centres, including Jersey, Guernsey, Luxembourg and Dublin, the Isle of Man is the     only jurisdiction to have a statutory compensation scheme for investors.

Insurance

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